Filing for bankruptcy isn't a decision that most people take lightly, and for good reason. Not only does a bankruptcy have a significant impact on your finances, but you must also meet specific ...

The means test assesses your ability to repay debts to determine eligibility for Chapter 7 bankruptcy. You automatically pass the means test if your household income is under your state's median ...

Chapter 7 bankruptcy is a legal process designed to help people who genuinely cannot pay their debts. It’s often called “liquidation bankruptcy” because it can involve selling some property to pay ...

Mark Henricks has written on mortgages, real estate and investing for many leading publications. He works from Austin, Texas, where he engages in songwriting, wilderness backpacking, whitewater ...

Could your debt be reduced or forgiven? Take our financial relief quiz. There is no minimum debt requirement to qualify for Chapter 7 bankruptcy, according to U.S. bankruptcy law. In most cases, it ...

Chapter 7 bankruptcy involves liquidating a debtor's non-essential assets to repay creditors. Chapters 11 and 13 are more expensive and longer than Chapter 7, but you can keep your assets. Chapter 7 ...